SAN FRANCISCO – Jamestown has purchased the famous Ghirardelli Square, a 100,394-square-foot lifestyle and entertainment-oriented retail complex in San Francisco. It sold for a reported $56 million. The 12-building complex is located at 900 North Point Street in Fisherman’s Wharf. The retail portion was 55 percent leased at the time of sale. Tenants include the Ghirardelli Square Chocolate Company’s U.S. flagship location, as well as Vom Fass, Jackson & Polk, Gigi & Rose, Wattle Creek Winery, Kara’s Cupcakes and McCormick & Schmick’s. Jamestown plans to execute a multi-million dollar renovation program over the next two years to stabilize the asset and attract new retail concepts and amenities. Ghirardelli’s original structures were built over a span of 100 years, which began in 1864. The complex underwent a retrofitting and significant updates between 1966 and 2009. The seller,a major financial institution,was represented by HFF’s Nicholas Bicardo and Mark Damiani.
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UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.
TEMPE, ARIZ. — Crossroads of Tempe, a 39,511-square-foot retail strip center in Tempe, has sold to KLC Holdings LLC for $5.5 million. The center is located at 7707 S. Kyrene Road, 315 and 325 W. Elliot Road. It was 65 percent leased at the time of sale. Notable tenants include Chase Bank, Massage Envy, Fed Ex Office and the UPS Store. The center is currently unanchored. The seller, Westwood Financial Corp., was represented by Steve Julius and Jesse Goldsmith of CBRE’s Phoenix office.
CARLSBAD, CALIF. — A 28,402-square-foot office building in Carlsbad has sold to Seymour Capital for $3.7 million. The building is located at 2385 Camino Vida Roble. It was fully occupied at the time of sale. Both the buyer and the seller, Paul H. Meardon, were represented by Nick Totah and Ben Tashakorian of Marcus & Millichap’s San Diego office.
DENVER – A 31-unit apartment building in Denver has sold to an unnamed buyer for $3.2 million. The community is located at 1540 Logan Street near the Capitol Building. The buyer was represented by JB Hochman, while the unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.
ATLANTA — Cushman & Wakefield's capital markets team in Atlanta has arranged the sale of a nine-building, 2.4 million-square-foot industrial portfolio in Atlanta. The properties are located in Atlanta's two strongest industrial submarkets — I-20 West and Airport/South Atlanta. The portfolio is fully leased to tenants such as Electrolux, Iron Mountain, Aaron's and TOTO Americas. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the seller, Clarion Partners, in the transaction. The buyer was Exeter Property Group, a private real estate investment firm based in Plymouth Meeting, Pa.
JACKSON, MISS. — Colliers International Atlanta has secured a $55 million construction loan for the Outlets of Mississippi, a 300,000-square-foot outlet shopping center under development in Jackson. The loan represents 70 percent of the overall development cost. The property is located five miles east of downtown Jackson and includes 80 designer and name-brand tenants, including Nike, Saks OFF Fifth, Coach, Michael Kors, American Eagle Outfitters, Banana Republic, Gap, Adidas, Lane Bryant, Aeropostale, Osh Kosh, Clark's Bostonian, Reebok, Nine West, Claire's, Hot Topic and Cole Haan. Forrest Speed led the Colliers Atlanta capital markets team in the transaction. Speed arranged the loan through a regional bank on behalf of the borrower, Bloomfield Investments LLC, the operating subsidiary of the developer, Spectrum Capital LLC. Colliers will also represent the developer in securing the future permanent mortgage.
WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of two boutique apartment buildings in northwest Washington, D.C., totaling 44 units. Marty Zupancic of Marcus & Millichap's Washington, D.C., office and his team represented both the buyer and seller in the sale of a 21-unit building at 6921 Georgia Ave. N.W. The property, located across the street from the Walter Reed Army Medical Center, sold in a Chapter 7 Bankruptcy Trustee Sale for approximately $1.8 million. Zupancic also represented the seller in the sale of the Longfellow Street Apartments, located at 614 Longfellow St. N.W. The property sold for approximately $1.5 million.
SUITLAND, MD. — Washington, D.C.-based Greysteel has brokered the sale of Regency Court Apartments, a 115-unit walk up apartment community in Suitland. The multifamily property is located near the Suitland Federal Center, Andrew Air Force Base and is across the street from the Suitland Metro Station. Ari Firoozabadi, John Mullen, Kyle Tangney, Caleb Brown, Lance Ahmadian and Mike Bediones of Greeysteel represented the seller, Miles-Suitland LLC, in the transaction. Regency Court DNB LLC was the buyer.
GRIFFIN, GA. — Dominium, an affordable housing development and management firm, has acquired the 36-unit Poplar Grove apartments in Griffin. Dominium has managed the Section 42 complex since April 2012. Recent improvements to the facility include a renovated clubhouse and deferred maintenance projects.